Unlocking the Power of Pricing Analytics to Optimize Your Pricing with Kevin Coppinger

Kevin Coppinger is currently the Director of Analytics in Ferrellgas. He is passionate about leading groups that turn large data into an asset, providing leadership the opportunity for insights and actions. In this episode, Kevin shares his analytics journey as he talks about the importance of data in providing better service and becoming a better service provider in the field.   Why you have to check out today’s podcast: Discover why data is power and how the understanding of it makes everything better; Understand why an analyst needs to be a good overall communicator if he wants to be good at what he’s doing; Find out how knowing your competitors help you understand where your company and your products should fit in the field.   “Figure out who your top three competitors are and find their biggest weakness and their biggest strength when it comes to product offering and price.” – Kevin Coppinger   Topics Covered: 02:40 – Talking about his failed CPA journey and how it led him to pricing 05:57 – Discussion about insurance, price segmentation, and the cost-plus model 09:20 – Ferrellgas and what Kevin does as he works there 14:04 – Ferrellgas tank users vs. non-Ferrellgas tank users and using analytics for overall betterment 20:16 – Why a good analyst needs to be a good interviewer and communicator nowadays 26:37 – How his background in accountancy helped him in switching to analytics 30:01 – Kevin’s pricing advice for the listeners   Key Takeaways: “Price is the most important signal that a company sends to its consumers but willingness to pay is almost as important as what they think of your actual product.” – Kevin Coppinger “Customers would want to behave the way we wanted them to behave, so that they could control their price.” – Kevin Coppinger “You should shop insurance every three years. I know it is a pain in the butt, it's a hassle to move it especially if you've got all of your property insured with one place, but every three years, you should call just to check. It keeps your insurance company honest and it will most likely keep a couple of dollars in your pocket.” – Kevin Coppinger “The more we know about the house and the more we can connect into how they use their energy, the better we can be for them and for ourselves.” – Kevin Coppinger “Good pricing can only come with good data, and good data is usually tied to good understanding of your prices.” – Kevin Coppinger “Data is power. Pure and raw data is pure and raw power and it is scary and it needs to be a little bit controlled and molded a little bit. But if you can help a company, if you can help analyst hone that data better, they become smarter, their companies become smarter, and us – we, as consumers – will inevitably benefit if more companies start using their data to much more intelligent fashion.” – Kevin Coppinger   People / Resources Mentioned: Ferrellgas: https://www.ferrellgas.com/ AmeriGas: https://www.amerigas.com/ Ivan Winfield: https://www.linkedin.com/in/ivanwinfield Eaton Hydraulics: https://www.eaton.com/us/en-us.html Syngenta: https://www.syngenta.com/en Resideo: https://www.resideo.com/us/en/   Connect with Kevin Coppinger: Email: [email protected] LinkedIn: https://www.linkedin.com/in/kmcoppinger   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]